Report: North American bone grafts and substitutes market forecast to reach $2.1bn by 2023

23 March 2017 (Last Updated March 23rd, 2017 18:30)

The North American bone grafts and substitutes market is expected to grow from $1.7bn in 2016 to $2.1bn by 2023, according to a report by GlobalData.

Report: North American bone grafts and substitutes market forecast to reach $2.1bn by 2023

The North American bone grafts and substitutes market is expected to grow from $1.7bn in 2016 to $2.1bn by 2023, according to a report by GlobalData.

Titled ‘MediPoint: Bone Grafts & Substitutes – North America Analysis and Market Forecasts’, the report forecasts the market to witness at a compound annual growth rate (CAGR) of 3.5%.

"The bone grafts and substitutes market will be influenced by the increased adoption of bone matrices, synthetic bone substitutes and cell-based matrices."

The major drivers of the anticipated growth are product innovation and line extensions by companies, and ongoing research towards promotion of the healing triad (osteoinductivity, osteoconductivity and osteogenesis). Additionally, increase in spinal fusion, trauma fixation, and joint reconstruction procedures are expected to contribute to the growth.

The bone grafts and substitutes market will be influenced by the increased adoption of bone matrices, synthetic bone substitutes and cell-based matrices, states Jennifer Ryan, Healthcare Analyst for GlobalData.

The popularity of bone morphogenetic protein products is declining due to negative media attention towards their off-label usage and cancer-related complications. Clinical transparency towards acquiring solid clinical efficacy data is essential to succeed in the market, the report adds.

The bone grafts and substitutes market includes a range of players ranging from small start-ups to multi-national companies. The dominant players in the market are Medtronic, DePuy Synthes, and Stryker, which boast of a distribution network and strong foothold in the spinal fusion and trauma fixation markets.

Country-wise, the US held the biggest market share of 95% in 2016 in the North American region and is expected to maintain its dominance through the forecast period. Canada is expected to emerge as the fastest-growing market during the forecast period, at a CAGR of 6.6%, while Mexico is expected to witness the slowest growth at a CAGR of 2.1%.